Please join the U.S. Reinsurance Under 40s Group for its Spring Event on May 29 in New York. 

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Read More REMINDER — U.S. Reinsurance Under 40s Spring Event to Take Place on May 29 in New York

In Steamship Mutual Underwriting Association (Bermuda) Limited v Sulpicio Lines Inc [2008] EWHC 914 (Comm), the English Commercial Court considered an application for declaratory and injunctive relief by Steamship Mutual (the Club) against its insured, Sulpicio, a Filipino company and a member of the Club for many years. 

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Read More UK: High Court Considers Grant of Anti-Suit Injunction in Support of Arbitration

The First Circuit Federal Court of Appeals recently affirmed dismissal of a suit against the Puerto Rico Insurance Commissioner on the basis of a Puerto Rico Insurance Code Article that bars suit against the Commissioner once a liquidator has been appointed. 

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Read More First Circuit Federal Court of Appeals: Spanish Language Version of Puerto Rican Insurance Code Mandates Dismissal of Suit Against Puerto Rico Insurance Commissioner

Last month, www.insurereinsure.com reported on the U.S. Supreme Court’s decision in Hall Street Associates, L.L.C. v. Mattel, Inc., No. 06-989 (U.S. Mar. 25, 2008), which held that the grounds set forth in the Federal Arbitration Act (“FAA”) for vacating and modifying arbitration awards were “exclusive,” rejecting the notion that parties whose arbitration is governed by the FAA can contractually expand the scope of judicial review of the award beyond the grounds provided by the FAA. …
Read More New York State Court Vacates Portion of Arbitration Award Based on Manifest Disregard of the Law

Last month, Colorado Governor Bill Ritter signed a bill that will permit the Department of Regulatory Agencies and the Division of Insurance (the “Division”) to compel payment to consumers who have been wronged by the unlawful business practices of insurance companies and their agents.   House Bill 08-1228 (the “Bill”) holds insurers financially accountable for the unfair business acts of an insurance agent authorized to sell a product or plan of the insurer, if the insurer knew or should have known about the unfair business practice. …
Read More Colorado Governor Signs Insurance Consumer Protection Bill

Before closing its legislative session on May 2nd, the Florida House and Senate unanimously approved Senate Bill 648 (“SB 648” or the “Bill”) addressing insurable interest requirements with respect to life insurance policies.  The Bill is different from the NAIC and NCOIL Viatical Settlement Models, but addresses many of the same issues surrounding stranger owned life insurance arrangements (“STOLI”). 

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Read More Florida Insurable Interest Bill Passes the House and Senate

Before closing its legislative session on May 2nd, both of Florida’s legislative chambers unanimously approved Senate Bill 2082 (“SB 2082” or the “Bill”) addressing suitability in annuity sales.  The Bill is based on the NAIC Suitability in Annuity Transactions Model Regulation, as amended in 2006, which requires that life insurance companies ensure that their annuity products are marketed and sold to suitable parties. 

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Read More Florida Approves Annuity Suitability Bill

The Second Circuit Court of Appeals recently ruled that a putative securities class action brought under New York’s state consumer fraud law should be removed to federal court under the Class Action Fairness Act of 2005 (CAFA). 

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Read More Issue of First Impression: Second Circuit Holds That Federal Court Has Jurisdiction Over New York State Consumer Fraud Law Claim Under CAFA

On May 9, the New York Insurance Department (the “Department”) issued Circular Letter No. 12 (2008), entitled “Cancellation of Municipal Bond Insurance Policies,” (the “Circular Letter”) in which the Department states that U.S. municipal bond issuers (the “Issuers”) may cancel bond insurance policies under certain conditions. 

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Read More New York Insurance Department Approves Cancellation of Bond Insurance Policies

On May 8, the Alabama Legislature passed a bill that will open the residential homeowners’ insurance market along the Alabama coast to captive insurance companies by allowing them to write direct business in certain areas.  The move is intended to increase capacity in that market by allowing coastal cities or other groups to form their own insurance companies. 

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Read More Alabama Passes Captive Bill